3M reports record performance in third quarter of 2012

3M has expressed satisfaction with the record-breaking financial performance it has delivered during the third quarter of 2012.

The multinational group generated sales of $7.5 billion (4.65 billion pounds), which was down slightly on Q3 2011, but its earnings per share total of $1.65 represented a new benchmark, as well as a year-on-year increase of 8.6 percent.

Its healthcare division was among the business units that demonstrated growth during the period, led by demand for its food safety, health information systems and skin/woundcare products.

3M expects its full-year earnings to be in the range of $6.27 to $6.35 per share, with its technology strength, manufacturing excellence and global capability creating a strong foundation.

Inge Thulin, 3M's chairman, president and chief executive officer, said: "In the face of the current slow-growth economy, our businesses continued to grow organically and generated record profitability."

This comes after the firm announced a major restructuring initiative earlier this month that will see it streamlining its six major business units into five, thereby unlocking efficiency benefits.